{"id":1440,"date":"2009-04-16T09:50:08","date_gmt":"2009-04-16T14:50:08","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1440"},"modified":"2009-04-16T09:50:08","modified_gmt":"2009-04-16T14:50:08","slug":"crude-daily-commentary-for-41609","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/16\/crude-daily-commentary-for-41609\/","title":{"rendered":"Crude Daily Commentary for 4.16.09"},"content":{"rendered":"

By Fast Brokers<\/span><\/p>\n

Crude futures continue to drag along our 1st tier uptrend line as investors debate trends and whether to leave $50\/bbl in the past.\u00a0 It seems investors could reach a decision soon with our 1st and 2nd tier uptrend and downtrend lines reaching their respective inflection points.\u00a0 We notice the same pattern of inflection in the EUR\/USD, meaning the markets could get very volatile at the end of the week.\u00a0 The data from the U.S. over the past 48 hours continues to send mixed signals regarding the state of the American economy.\u00a0 The confusion is reflected in crude futures with investors unsure whether to bank on a recovery.\u00a0 However, it feels as if game changing news will come soon with the crude futures growing tired of consolidation.\u00a0 Weekly Crude Oil Inventories came in uncomfortably above expectations yesterday.\u00a0 In fact, the number was eye-popping and it\u2019s shocking the crude futures held up so well.\u00a0 The startling rise in inventories makes us wary of overall consumer sentiment.\u00a0 On the other hand, the boost in supply could be due to the exponential increase in crude imports from Brazil and Russia.\u00a0 Either way, the resilience in the futures further exemplifies the fact that investors are holding onto the belief that an economic recovery is underway.\u00a0 We expect crude futures to continue their strong positive correlation with U.S. equities for the time being.\u00a0 Fundamentally, we maintain our resistances of $50.39\/bbl, $51.03\/bbl, $51.59\/bbl, $52.02\/bbl, and $52.49\/bbl.\u00a0 To the downside, we hold our supports of $49.81\/bbl, $49.28\/bbl, $48.87\/bbl, $48.37\/bbl, and $47.79\/bbl.\u00a0 Crude futures are presently trading at $50.29\/bbl.<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong><\/span><\/a>.<\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – Crude futures continue to drag along our 1st tier uptrend line as investors debate trends and whether to leave $50\/bbl…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1440","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=1440"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1440\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}